Investor Jordan Belfort called cryptocurrency a scam several years ago, something he has since changed his mind on slightly with a belief that Bitcoin BTC/USD has lasting power.
What Happened: Belfort, an investor, entrepreneur, and speaker, is perhaps most widely recognized as The Wolf of Wall Street, a moniker that became even more well-known after Leonardo DiCaprio depicted him in the 2013 film of the same name.
In 2018, he made headlines by labeling the cryptocurrency sector a scam and advising investors to withdraw from Bitcoin and other investments.
While Belfort is now a believer in Bitcoin, he highlights that he was right with his comments.
I think I was right with most, the 99% of crypto. I was wrong about Bitcoin, and Ethereum, and maybe one other, Belfort told Benzinga CEO Jason Raznick on an upcomingepisode of The Raz Report.
Belfort said the one thing about cryptocurrency and many things in life is that his views can evolve based on new information.
At the time of his comments, Belfort said that all cryptocurrency was a scam based on the information he had.
My views on crypto were dead on, balls accurate.
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Whats Next: Belfort said that Bitcoin was the lie becoming the truth, and maintained that it bore similarities to scams such as wash trading andbeing under the control of a select few up to the present.
The investor admitted that he had not thoroughly examined Bitcoin's capabilities, such as serving as a store of value and being utilized in payments.
Belfort said MicroStrategy Inc MSTR co-founder and executive chairman Michael Saylor gets it right when it comes to Bitcoin.
Belfort said that people want to embrace cryptocurrency because its different from Wall Street, but it might have similar characteristics.
The common denominator is human beings are involved, Belfort said.
Watch the full interview with Belfort on The Raz Report Wednesday, Sept. 27 at 11 a.m. ET.
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